An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
All these violent convulsions have been owing to the short-sightedness
of statesmen; who, inattentive to the consequences of growing wealth and
industry, foolishly imagined that hereditary subordination was to
subsist among classes, whose situation, with respect to each other, was
entirely changed.
The pretorian cohorts were at first subordinate to the orders of the
Emperors, and were the guards of the city of Rome. The Janissaries are
understood to be under the command of the principal officers of the
Port. So soon as the leading men of Rome and Constantinople, who
naturally were entitled to govern the state, applied to these tumultuous
bodies for their protection and assistance, they in their turn, made
sensible of their own importance, changed the constitution, and shared
in the government.
A milder revolution, entirely similar, is taking place in modern times;
and an attentive spectator may find amusement in viewing the progress of
it in many states of Europe. _Trade_ and _industry_ are in vogue; and
their establishment is occasioning a wonderful fermentation with the
remaining fierceness of the feudal constitution.
Trade and industry owed their establishment to _war_ and to _ambition_;
and perhaps mankind may hope to see the day when they will put an end to
the first, by exposing the expensive folly of the latter.
Trade and industry, I say, owed their establishment to the ambition of
princes, who supported and favoured the plan in the beginning,
principally with a view to enrich themselves, and thereby to become
formidable to their neighbours. But they did not discover, until
experience taught them, that the wealth they drew from such fountains
was but the overflowing of the spring; and that an opulent, bold, and
spirited people, having the fund of the prince’s wealth in their own
hands, have it also in their own power, when it becomes strongly their
inclination, to shake off his authority. The consequence of this change
has been the introduction of a more mild, and a more regular plan of
administration. The money gatherers are become more useful to princes,
than the great lords; and those who are fertile in expedients for
establishing public credit, and for drawing money from the coffers of
the rich, by the imposition of taxes, have been preferred to the most
wise and most learned counsellors.
As this system is new, no wonder if it has produced phenomena both new
and surprizing. Formerly, the power of Princes was employed to destroy
liberty, and to establish arbitrary subordination; but in our days, we
have seen those who have best comprehended the true principles of the
new plan of politics, arbitrarily limiting the power of the higher
classes, and thereby applying their authority towards the extension of
public liberty, by extinguishing every subordination, other than that
due to the established laws.
Public-domain text, read in full here on John Shaqi.
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